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Russia KamAZ and Belarus MAZ to contribute 49pct to new truck holding

Steel News - Published on Sun, 20 Feb 2011

RIA Novosti citing Mr Vladimir Semashko Belarusian First Deputy Prime Minister as saying that Russia largest truck maker KamAZ and Belarus\' state run Minsk Automobile Plant may merge in a holding company by contributing 49% of each company shares to the new firm.

He said that \"It won\'t be a sale of MAZ shares and we will transfer a certain stake on a parity basis. Belarus will contribute shares worth USD 1 billion, Russia should do the same.\"

He added that \"We will give 49% of MAZ, for example, no more than that. The Russian side should transfer the same amount while shares of other enterprises will supplement this billion, adding that an independent international appraiser would be chosen to value of the Russian and Belarusian companies.”

Mr Semashko said Belarus\' Minsk Motor Plant, the Borisov automotive and tractor electrical equipment plant, tyre producer Belshina and Russia Tutayev Motor Plant may join the holding company.

Mr Sergei Chemezov head of Russian Technologies State Corporation which owns 25% of KamAZ said that the corporation proposed merging the two large automakers in a holding company.

He also said that Belarus was unlikely to have a blocking stake in KamAZ. That stake would depend on MAZ\'s value which has not yet been established.

The Belarus State Property Management Committee has said that MAZ is valued at USD 2.5 billion.

Mr Sergei Kogogin KamAZ General Director said the company expected to increase production of engines, gearboxes and axles after a merger with MAZ.

(Sourced from RIA Novosti)

Posted By : admin on Sun, 20 Feb 2011
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